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Advantages and disadvantages of buying a used car

More than twice as many car buyers choose a used vehicle over a new one, but is it the right choice for you? While lower prices for used cars are a key factor for most consumers, more must be considered when making your decision.

Pros of buying used goodsof these cars

Lower prices

Used car buyers can benefit from the rapid depreciation of new cars by 20 percent in the first year and around 40 percent after three years. Lower average prices for used vehicles also give you a better chance of paying for your purchase in cash or paying more in advance. Or you can get a model with a higher specification than you could afford a new one.

Less loan amount

At lower prices, it is not surprising that used cars have lower average loan amounts than new ones. Depending on the terms of the loan, this may translate into lower monthly installments and a lower amount of interest.

High-quality options

The continual improvement in vehicle quality and reliability has resulted in a wide range of great used models on the market, many of which can travel 300 km.

Faster payout

Used car loans tend to be shorter than new car loans, allowing borrowers to pay off their vehicles faster.

Disadvantages of buying used cars

Reliability

Despite the improvement in quality, it goes without saying that used cars will generally be less reliable than brand new models. The older the car, the more money you can spend on repairs, especially if it is no longer covered by the manufacturer's warranty. The driving behavior of previous owners also has an influence on reliability, so a vehicle history report is important. These reports include accident records, service history, and car titles, including salvage, reconstruction, flood, and lemon records.

Purchase from a private site may not be covered by the warranty

If your vehicle is not yet under a manufacturer's warranty, buying from a private individual means you could lose protection against mechanical and electrical failure. On the other hand, dealers can offer their own warranties for used vehicles.

The choice may be more limited

New car buyers can usually choose the features, colors and accessories they want for a specific model. Used car buyers may need more flexibility or shop around when it comes to these preferences.

The rates may be higher

The interest rates tend to be higher for used cars. This is partly due to manufacturers' incentives for new vehicles, but also because of the greater risk involved in financing used cars. Consumers with a lower credit rating often buy used, for example. Another reason is that used car values ​​are less predictable, making it difficult for the lender to determine how much money he can get back if he has to take over and resell the vehicle.

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